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recorded in the obama administration. not twice as large than the largest deficit in american history. not three times as large as the largest deficit in american history. but almost four times larger than the previous largest annual deficit in american history was the first year deficit recorded in the obama administration. we tip, that was the first time ever we run trillion dollar deficits, we continue to run trillion dollar deficits throughout that time. tax policy hasn't changed during that time. tax policy is exactly the same. you hear in the newspaper all the time, mr. speaker, the bush tax cuts. i don't know that that has meaning anymore. in 2001 and 2003 we did do some dramatic changes to tax policy. president obama extended all of those changes in 2010. that's the law of the land still today. tax policy has been exactly the same over this continuum. what has changed, mr. speaker, what has changed is the spending. the reason deficits have grown not one, not two, not three but almost four times larger than the previous record deficit in american history is not because tax poli
capacity at the airports to safeguard our system in the future. the obama administration and this congress have been great partners throughout this process, and we are grateful. the cost will be high, but it would be unfathomable in terms of the cost of lost productivity, disabled economies, and a fractured transportation networks should we fail to make those investments. the road ahead will be a challenge, but with the help of the government, we know that recovery is possible. thank you for holding this hearing, senator. >> we know well we are neighbors at professional office spaces across the street, we too, because of the densely populated character of our area, we have a lot of service to supply, and i thank you. you have done it well, and we are proud of the people at new jersey transfer, the sacrifices they have made on the job. we're glad to hear from you. >> thank you, mr. chairman. >> is an honor to be here the story, and i think you for that. it is an honor to have you as our senior senator. new jersey transit began monitoring for sandy days before the storm came ashore. personne
. in conclusion, the obama and -- above the administration is congress have been great partners that we are grateful. but costs will be high. they would be unfathomable and the terms of lost productivity, disabled economy and a fracture transportation network should we fail to make those repairs and investments. the road ahead will be a challenge but with the help of the federal government and our partners, we know recovery is possible. thank you for all to this hearing, senator. >> we know each other so well. we are neighbors in our professional office space across the street and because of the densely populated character of our area, we have a lot of service to supply. i think you have done it well and we're proud of the people at new jersey transfer for the sacrifice of any made to be on the job regardless of how they got to do it. we're glad to hear from me. >> thank you, mr. chairman. it is an honor to be here. thank you for you and the other senators and it is an honor to have you as our senior senator. new jersey transit began monitoring of planning for san the day visit -- days
Search Results 0 to 2 of about 3